Vietnam Insight

Quick Summary — The VN-Index closed the 12/10/2026 session at 1,720.98 points (-0.81%), the index fell but market breadth improved, with market-wide liquidity of VND 14,035 bn. Basic Resources led sector gains (+1.87%), while the index is testing the 1,720 support zone. Foreign investors net sold VND 584 billion, concentrated in TCB, PNJ and FPT. In contrast, HPG, HDB and NVL saw solid net buying. The VN-Index is expected to trade within a support zone of 1,720 and resistance of 1,780 points over the coming sessions.

Technical: The market fell but breadth improved, with advancers (158) outnumbering decliners (154). The decline was driven mainly by VIC and VHM, while the banking group performed positively. The market is now testing the 1,720 support, which also aligns with the support levels of the Vingroup stocks. We expect a rebound here as Q3 earnings news begins to be reflected in prices, while the Vingroup stocks trade sideways in our base case.

Short-term scenarios for the next 2 weeks:

• Bullish (15%): The market heads toward 1,900 points without needing to consolidate first
• Base case (60%): The market is expected to trade within the 1,720 - 1,780 zone
• Bearish (25%): The market falls to the lower bound of the support zone around 1,725

Strategy: Prioritize defensive, low-beta names with strong cash flow, high dividends, and low debt leverage amid rising interest rates. Given the market can drop unexpectedly when liquidity is thin, this is a better time to buy on dips than to chase prices. Investors should also focus more on individual sectors and stocks than on the headline index given the market's strong divergence. Prioritize sectors with strong cash flow alongside expectations of outstanding Q3 earnings.